December 2018 Audit & Assurance Newsletter


FASB alters transition requirements, scope of credit losses standard

FASB recently amended its standard on accounting for credit losses, changing the transition requirements and clarifying the scope of the standard.

The credit losses standard was issued in 2016 and requires more timely reporting of credit losses on loans and other financial instruments. The standard requires measurement of expected credit losses based on information about past events, current conditions, and reasonable and supportable forecasts affecting the collectibility of the reported amount. read more      – Journal of Accountancy

FASB staff paper assists with franchise fee recognition

A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition stand. read more      – Journal of Accountancy

FASB proposes narrow-scope financial instruments accounting changes

Recently issued FASB standards on credit losses, hedging, and recognition and measurement would be amended under narrow-scope changes the board recently proposed. read more      – Journal of Accountancy

FASB proposal addresses accounting for TV series

FASB recently proposed a standard that would align the accounting for production costs of an episodic television series with the accounting for production of costs of films. read more      – Journal of Accountancy

SASB publishes industry-specific sustainability accounting standards

The Sustainability Accounting Standards Board (SASB) recently announced that it has published what it billed as the world’s first set of industry-specific sustainability accounting standards covering financially material issues. read more      – Journal of Accountancy

GASB proposes implementation guidance

Proposed implementation guidance issued Tuesday by GASB would provide state and local government financial statement preparers with questions and answers designed to clarify, explain, or elaborate on the board’s standards. read more      – Journal of Accountancy

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